ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Net Income
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Fringe benefit
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Barter
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None of the above
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Detailed explanation-1: -Fringe benefits are the additional benefits offered to an employee, above the stated salary for the performance of a specific service. Some fringe benefits such as social security and health insurance are required by law, while others are voluntarily provided by the employer.
Detailed explanation-2: -The term ‘fringe benefits’ refers to various extra benefits provided by employers to their employees, in addition to wages and salaries paid to them. They are also known as ‘sub-wages’ or ‘social charges’ or ‘perquisites other than wages’ etc.
Detailed explanation-3: -Fringe benefits include health insurance, retirement plans, and vacation days. Other examples include: Tuition reimbursement. Employee discounts.
Detailed explanation-4: -It is clear that the said clothing (uniforms) are not available for general or personal wear of the employees and when the clothing is not actually used for general or personal wear, in our opinion, are not taxable under fringe benefits. 11.